Hamilton, Burlington see drop in home sales as tariff war continues

A new report shows home sales in the Hamilton-Burlington area were well below the typical levels compared to the same time in 2024.

It also says home supply reached its highest point since 2009, with the report adding that uncertainty around tariffs are to blame.

A spokesperson for the Cornerstone Association of Realtors says an influx of new listings and much slower sales have caused inventory levels to climb.

Taking a look specifically in Hamilton, the association says in April only 511 units were sold.

That’s a drop of 20 per cent compared to last April, and 36 per cent below levels typically reported in April.

At the same time, new listings in the month climbed 2 per cent to 1,287 units resulting in the sales to new listings ratio fall nearly 40 per cent.

A local real estate agent says he noticed the market warming in certain areas when you look at the data month-to-month, but he does agree with Cornerstone that the ongoing tariff war – on top of the recent election – has made people hesitant to buy right now.

“The next few months is really dependent on what happens with the States,” said Luke O’Reilly, a realtor with the O’Reilly Group. “If we’re able to reach a deal sooner rather than later with the States related to trade and tariffs, then I can see the market continuing to warm – maybe at more of a rapid pace than if things feel up-in-the-air like they have in the last couple of months.”

Greg Dunnett, president and CEO of the Hamilton Chamber of Commerce, says the uncertainty around the tariffs have lowered the amount of disposable income many people are comfortable spending right now.

That in turn is limiting local businesses’ growth.

“Everyone is really putting their growth opportunities on hold until they have a better, clearer picture of what the future is going to look like,” said Dunnett. “I don’t think we have that clarity coming out of last week’s meeting between the prime minister and President Trump.

“There have been jobs impacted, but there hasn’t been a significant impact yet, but everybody is definitely slowed and is waiting for a clearer picture of the future before they make decisions on how they’re gonna grow,” said Dunnett.

The report from Cornerstone says areas like Dundas in West Hamilton have seen the largest drop in home sales, with that area being almost 50 per cent below the usual levels.

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